Global law firms Davis Polk & Wardwell and Ashurst are advising American aluminium giant Alcoa Corporation regarding its proposed acquisition of Alumina Ltd, an Australian alumina and bauxite producer.
The acquisition, structured as an all-stock transaction, values Alumina Ltd. at USD$2.2 billion.
Alumina, advised by King & Wood Mallesons, has consented to the terms of the agreement, contingent upon approval from shareholders and regulatory bodies. Notably, Alumina Ltd.'s primary shareholder, fund manager Allan Gray Australia, has committed to selling its 19.9 per cent ownership stake.
Kylie Lane, Partner at Ashurst, stated, "We are proud to be supporting Alcoa Corporation, a long-standing client, on this major strategic transaction."
"The acquisition of Alumina Limited represents an important component of Alcoa's simplification strategy, and we look forward to working with our client and its advisers on negotiating the implementation agreement and completing the deal."
The Ashurst team, headed by corporate transactions partners Lane and Susannah Macknay, tax partners Ian Kellock and Costa Koutsis and competition partner Justin Jones, is leading the effort.
Davis Polk's corporate team, comprising partners James Dougherty and Cheryl Chan, tax partner Corey Goodman, and capital markets partner Michael Kaplan, is also heavily involved.
Alumina Ltd. stated that the acquisition would bolster Alcoa's standing as one of the foremost bauxite and alumina producers globally.
King & Wood Mallesons has confirmed its involvement in advising on the deal but has opted not to disclose further details.
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